Crises in the thrift industry and the cost of mortgage credit

Savings and loan associations ; Mortgages ; Interest rates

Secondary Markets, Risk, and Access to Credit Evidence from the Mortgage Market

Secondary markets for credit are widely believed to improve efficiency and increase access to credit. In part, this is because of their greater ability to manage risk. However, the degree to which secondary markets expand access to credit is virtually unknown. Using the mortgage market as an example, we begin to fill that gap. Our conceptual model suggests that secondary credit markets have potentially ambiguous effects on interest rates, but unambiguous positive effects on the number of loans issued. We focus our empirical analysis on the latter using 1992-2004 HMDA files for conventional, conforming, home purchase loans in conjunction with Census tract data

Homeownership Boom and Bust 2000 to 2009: Where Will the Homeownership Rate Go from Here?

The increase in the homeownership rate in the middle of the last decade extended to all age groups but was most pronounced among individuals under age 30. These increases coincided with looser credit conditions that enhanced household access to mortgage credit along with evidence of less risk averse attitudes towards investment in homeownership. Following the crash, these trends have reversed and homeownership rates have largely reverted back to the levels of 2000. The drop in the homeownership rate from an all-time high of 69.2 in 2004 to 66.4 percent in the first quarter of 2011 reflects a decline from unsustainable levels to something closer to historical averages, and while the homeownership rate may have bottomed out, it could fall another one or two percentage points due to tightened credit and other factors

Do the GSEs Expand the Supply of Mortgage Credit? New Evidence of Crowd Out in the Secondary Mortgage Market

The dramatic government takeover of Fannie Mae and Freddie Mac in September, 2008 was motivated in part by a desire to ensure a continued flow of credit to the mortgage market. This study examines a closely related issue: the extent to which GSE activity crowds out mortgage purchases by private secondary market intermediaries. Evidence of substantial crowd out suggests that government support for the GSEs may be less warranted, whereas the absence of crowd out implies that GSE loan purchases enhance liquidity.Using 1994-2008 HMDA data for conventional, conforming sized loans, three distinct periods with regard to GSE crowd out are apparent. From 1994-2003, the share of loans sold to the secondary market increased from 60 to over 90 percent, private sector and GSE market shares of loan purchases were roughly similar for most market segments, and IV estimates indicate relatively little GSE crowd out of private secondary market purchases. From 2004 to 2006, private loan purchases boomed and dominated those of the GSEs, while IV estimates indicate crowd out jumped to 50 percent at the peak of the boom. This is especially true in the market for home purchase as opposed to refinance loans. With the crash in housing and mortgage markets in 2007, private sector intermediaries pulled back, the GSEs regained market share, and evidence of GSE crowd out disappeared in both the home purchase loan and refinance markets. These patterns suggest that the degree of GSE crowd out varies with market conditions and that the federal takeover of Fannie Mae and Freddie Mac likely served to enhance liquidity to the mortgage market during the 2007-2009 financial crisis

California dreamin': a rebound in net migration?

California ; Population ; Emigration and immigration

Implementation Of High Intensity Interval Training And Autoregulatory Progressive Resistance Exercise In A Law Enforcement Training Academy

International Journal of Exercise Science 15(4): 1246-1261, 2022. The purpose of this investigation was to assess the feasibility and efficacy of implementing autoregulatory progressive resistance exercise (APRE) and high intensity interval training (HIIT) methodologies to improve physical fitness and occupational physical ability in police cadets. Two law enforcement academy classes were stratified into a standard care academy training cohort (SC; n=32, m=27, f=5) and a high performance cohort (HP; n=31; m=27, f=4) that utilized APRE and HIIT methodologies during a 17-week academy training program. Demographic, internal loading parameters, anthropometric, fitness outcomes (i.e., 1.5-mile run, 1-repetition maximum bench press, sit-up repetitions, push-up repetitions, & 300m run) and timed completion of a occupation physical ability test (OPAT) were collected at three academy time points (entrance, mid-point and exit). Mixed factor (time vs. group) repeated measures ANOVA were used to evaluate the effects of the training intervention on performance outcomes. Significance was set at p\u3c0.05. Both groups demonstrated significant improvements in all fitness outcomes except the OPAT from entrance to exit tests (p\u3c0.05). The HP experienced greater improvements in push-up performance compared to the SC (p\u3c0.001). OPAT time decreased in both groups from entrance to midpoint, but significantly increased from baseline to exit (p\u3c.05). Despite similar inter-group fitness improvements, the HP reported lower session RPE values (p\u3c0.01), indicating fitness adaptations occurred at a lower internal load. This study demonstrated the feasibility of successfully implementing APRE and HIIT methodologies within a cadet population. Furthermore, these methodologies produced similar improvements in cadet fitness and occupational performance at a lower internal load

Phylogeography of Rattus norvegicus in the South Atlantic Ocean

Acknowledgments Funding for sample collection was provided by the Shackleton Scholarship Fund, Antarctic Research Trust, the Wyoming Biodiversity Institute, PVE/CAPES (Proposal 235453) and Fundação para a Ciência e a Tecnologia (SFRH/BPD/88854/2012). Thanks to Martin Collins, Andy Black, Darren Christie and the Government of South Georgia and South Sandwich Islands for the provision of samples from South Georgia, Annalea Beard for providing the rat sample from St Helena Island, Joaquim Tapisso, Rita Monarca and Ana Cerveira for samples from Portugal, and Emily Puckett for help validating South American SNP haplotypes. Funding for DNA sequencing was provided by Island LandCare, the University of Auckland. Thanks to two anonymous reviewers for the constructive comments.Peer reviewedPublisher PD

Live view of gonadotropin-releasing hormone containing neuron migration

Neurons that synthesize GnRH control the reproductive axis and migrate over long distances and through different environments during development. Prior studies provided strong clues for the types of molecules encountered and movements expected along the migratory route. However, our studies provide the first real-time views of the behavior of GnRH neurons in the context of an in vitro preparation that maintains conditions comparable to those in vivo. The live views provide direct evidence of the changing behavior of GnRH neurons in their different environments, showing that GnRH neurons move with greater frequency and with more changes in direction after they enter the brain. Perturbations of guiding fibers distal to moving GnRH neurons in the nasal compartment influenced movement without detectable changes in the fibers in the immediate vicinity of moving GnRH neurons. This suggests that the use of fibers by GnRH neurons for guidance may entail selective signaling in addition to mechanical guidance. These studies establish a model to evaluate the influences of specific molecules that are important for their migration

Retaining eucalyptus harvest residues promotes different pathways for particulate and mineral-associated organic matter

Eucalyptus plantations have replaced other (agro)ecosystems over 5.6 Mha in Brazil. While these plantations rapidly accumulate carbon (C) in their biomass, the C storage in living forest biomass is transient, and thus, longer-term sustainability relies on sustaining soil organic matter (SOM) stocks. A significant amount of harvest residues (HR) is generated every rotation and can yield SOM if retained in the field. Yet, there is little information on how managing eucalyptus HR changes SOM dynamics. We used isotopic and molecular approaches in a 3-yr field decomposition experiment where a native grassland has been replaced by eucalyptus plantations to assess how HR management practices influence content and chemistry of two distinct SOM fractions [particulate (POM) and mineral-associated organic matter (MAOM)] at two soil depths (0–1 and 1–5 cm). The management practices investigated were HR removal (−R), only bark removal (−B), and retention of all HR (including bark, +B), combined with two levels of nitrogen (N) fertilization [0 (−N) and 200 (+N) kg/ha]. N fertilization inhibited HR decomposition (P = 0.0409), while bark retention had little effect (P = 0.1164). Retaining HR, especially with bark, increased POM-C and MAOM-C content (2.1- and 1.2-fold, respectively), decreased POM-δ13C (1.2-fold), and increased inorganic N retention (1.7-fold) compared with plots where HR had been removed. Inorganic N applications, however, diminished the positive impacts of bark retention. Although the influence of HR management was most pronounced in POM, retaining HR reduced potential soil C mineralization by up to 20%. POM and MAOM chemistry shifted over time and revealed distinct influence of HR on the formation of these fractions. We demonstrate that HR management alters SOM dynamics and that retaining HR, particularly including bark, enhances SOM retention. With continuing conversion of native grassland ecosystems to eucalyptus, long-term sustainability will require careful HR and fertilizer management to balance total biomass harvest with sustaining belowground SOM concentrations

Self-consistent 3D radiative transfer for kilonovae: directional spectra from merger simulations

We present three-dimensional radiative transfer calculations for the ejecta from a neutron star merger that include line-by-line opacities for tens of millions of bound-bound transitions, composition from an r-process nuclear network, and time-dependent thermalization of decay products from individual $\alpha$ and $\beta^-$ decay reactions. In contrast to expansion opacities and other wavelength-binned treatments, a line-by-line treatment enables us include fluorescence effects and associate spectral features with the emitting and absorbing lines of individual elements. We find variations in the synthetic observables with both the polar and azimuthal viewing angles. The spectra exhibit blended features with strong interactions by Ce III, Sr II, Y II, and Zr II that vary with time and viewing direction. We demonstrate the importance of wavelength-calibration of atomic data using a model with calibrated Sr, Y, and Zr data, and find major differences in the resulting spectra, including a better agreement with AT2017gfo. The synthetic spectra for near-polar inclination show a feature at around 8000 A, similar to AT2017gfo. However, they evolve on a more rapid timescale, likely due to the low ejecta mass (0.005 M$_\odot$) as we take into account only the early ejecta. The comparatively featureless spectra for equatorial observers gives a tentative prediction that future observations of edge-on kilonovae will appear substantially different from AT2017gfo. We also show that 1D models obtained by spherically averaging the 3D ejecta lead to dramatically different direction-integrated luminosities and spectra compared to full 3D calculations.Comment: 12 pages, 5 figures. Accepted by ApJ